Mid-Year: Is your business accounting in order?
It’s already July, that means half the year is over. All those goals that you had set up for your business in 2018, should be theoretically half completed. Hopefully you will take the time now to look at those business goals and perform an honest evaluation.
You may be well on your way to completing some business goals or some goals may need to be adjusted or completely taken off the table for this year. Whatever your business goals were, it is important to have business financial goals. In order to meet financial goals, you need to know where the business is, where it needs to be, and how to get it there. It’s not too late to create business financial goals for 2018.
Some good financial goals for a small business are:
-Increase cash flow by a certain amount
-Decrease debt by a certain amount
-Increase working capital
-Reduce collection time or increase vendor payment cycle
-Install a system such as a financial system to improve efficiency
As with any goal, these goals should be specific and measurable. It is best you work with your accountant or bookkeeper who knows your books and can assist in this area. If you don’t have neither, one of your goals should be to consult with one and see how they can help you achieve your business financial goals this year.